(a) The board of directors of any banking institution may place the banking institution, including its property, records, and business, in the hands of the Commissioner by posting on the front door of each banking office of the institution a notice that states: “This institution is in the hands of the Maryland Commissioner of Financial Regulation”. […]
(a) (1) If the Commissioner finds that the capital stock account of any commercial bank is impaired because of a loss or for any other reason, the Commissioner, by notice to the board of directors of the commercial bank, may require the commercial bank to correct the impairment. (2) If the commercial bank fails to correct the impairment […]
(a) In this section, “insolvent” means: (1) Incapable of meeting the demands of creditors; or (2) Having liabilities that exceed assets. (b) Notwithstanding the notice and timing requirements in § 5–602 of this subtitle, if the Commissioner determines that a nondepository trust company is insolvent, the Commissioner may take immediate possession of the nondepository trust company, including its property, […]
As long as the Commissioner has possession of a banking institution, the property, records, and business of the institution are not subject to attachment, lien, execution, or distraint of any kind.
After the Commissioner takes possession of a banking institution, the Commissioner promptly shall give notice of that fact to: (1) Each person who has any asset of the institution; and (2) The general public, by notice published in an appropriate newspaper.
(a) All necessary and reasonable expenses of the Commissioner that are court approved and related to the Commissioner’s possession of a nondepository trust company, including costs associated with the receivership, reorganization, or liquidation of the nondepository trust company, shall be paid from the assets of the nondepository trust company, the proceeds of the sale of securities […]
(a) Within a reasonable time after the Commissioner takes possession of a banking institution, the Commissioner, in the name of this State, shall petition an equity court in the county where the banking institution has its principal banking office to: (1) Take jurisdiction over the banking institution; and (2) Subject to subsection (b) of this section, appoint as […]
(a) (1) The receiver may appoint any clerks needed to carry out the receivership. (2) The salaries of these clerks shall be paid out of the funds of the banking institution. (b) (1) Notwithstanding subsection (a) of this section, the receiver of a nondepository trust company may, as needed to carry out the receivership: (i) Appoint any clerks, agents, counsel, employees, […]
(a) All money received by the receiver shall be deposited to the receiver’s credit in any bank or trust company that the receiver chooses. (b) (1) To safekeep and to secure payment of the money deposited with it, the depository bank or trust company shall deposit with the office of the Commissioner general obligations of or obligations guaranteed […]
If the court appoints an attorney to advise the receiver, the receiver shall set the attorney’s fees, subject to approval by the court.
Within 6 months after taking possession of any banking institution, the Commissioner shall file with the court a complete and detailed report on the institution.
As long as an examiner is in possession of any banking institution, the Commissioner may permit the institution to reopen under the conditions that the Commissioner approves and take the steps necessary to wind up any pending court proceeding.
(a) The board of directors or the depositors representing not less than 25 percent of the deposit liability of any banking institution that is in the possession of a receiver may: (1) Propose a plan of reorganization for the reorganization and reopening of the banking institution or for the establishment of a new State banking institution, national […]
(a) The plan of reorganization shall be filed with the Commissioner. (b) (1) The Commissioner may approve or disapprove the plan without a hearing. (2) If the Commissioner is satisfied that the proposed plan is in the best interests of the depositors and creditors of the banking institution, the Commissioner shall: (i) Approve the plan; and (ii) Publish a notice of […]
With the consent of the local governing body of any political subdivision that has money deposited with a banking institution, its treasurer or similar fiscal officer may: (1) Consent to a plan of reorganization proposed under this subtitle; and (2) Bind the political subdivision to limit withdrawals from the institution as provided in the plan.
(a) If the Federal Deposit Insurance Corporation is receiver of a banking institution, the Corporation may: (1) Operate the trust department of the institution; and (2) Liquidate the institution as provided in this subtitle or under federal law. (b) (1) This subsection applies whether or not the Federal Deposit Insurance Corporation is the receiver of the banking institution. (2) If the […]
In the distribution of the general assets of a trust company that is liquidated or reorganized, the person who succeeds the trust company as a personal representative, guardian, trustee, receiver, or other fiduciary has a preference for all debts and accounts that are due to or held by it as fiduciary over all other debts […]
